Think About Your Estate Planning Checklist
January 6, 2005
By Charlie Wick
From Vail Daily, Colorado
You may think it's too soon
to do estate planning. Yet, none of us can predict the future - so you'll want to
be prepared for anything.
Where do you begin? Consider
developing an estate planning checklist.
Identify your objectives
Your first step is to set
out some broad goals, such as these:
- Distribute assets fairly
to your family members.
- Designate someone to handle
your financial affairs if you become incapacitated.
- Support charitable, religious
or educational institutions.
- Name a guardian to take
care of your minor children, should you and your spouse die prematurely.
List of all your assets
You'll need an accurate list
of all the assets you own, as well as the registration of these assets and any beneficiary
designations associated with them. Create the legal papers you'll need; estate planning
can involve a variety of legal documents. Here are some of the most common ones:
- Will - Insures that your
assets transfer in the manner that you choose.
- Durable power of attorney
- Names someone to make financial and health care decisions on your behalf should
you become unable to do so.
- Health care directive/living
will - Provides evidence of your wishes regarding the administering of life-prolonging
procedures when you are no longer able to communicate.
Estimate estate taxes
Your taxable estate consists
of the value of your gross estate - including your savings, investments, real estate,
insurance policies, retirement plans, etc. - less any deductions. In 2005, you can
pass along up to $1.5 million of your estate, free of federal estate taxes, to your
heirs. This estate tax exclusion rises gradually over the next several years.
Get started soon
In a real sense, your estate
plan sums up the most important chapters in your life - and you'll want this story
to have a happy ending. So start the estate planning process soon.
Create your Will, Power of Attorney and Living Will online at
https://www.legalwills.ca/.
For More Information Contact:
LegalWills.ca
Email:
[email protected]
Internet:
https://www.legalwills.ca/